Japan’s 1,000 Yen banknote is displayed at a currency museum of the Bank of Japan in Tokyo September 15, 2010. Japan has intervened in the currency market on Wednesday for the first time in six years, buying the dollar to stem a rise in the yen that is threatening a fragile economic recovery. (Xinhua/Reuters)

NEW YORK, Sept. 15 (Xinhua) — The U.S. dollar strengthened against the Japanese yen on Wednesday after Japan unexpectedly moved to weaken the yen.

The dollar rose 3 percent against yen in New York, the biggest one-day gain versus the yen since the financial crisis.

The yen has hit a series of 15-year highs versus the dollar since August, as investors considered the currency as a safe haven.

The Bank of Japan sold yen and bought dollars directly in the marketplace after the dollar fell to 82.88 yen on Tuesday.

In late trading in New York, the dollar traded at 85.62 yen, up from 83.07 on Tuesday.

The euro dipped to 1.3006 dollars from 1.3019 dollars, while the British pound rose to 1.5620 dollars from 1.5569 dollars.

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China could meet the full-year inflation target of 3 percent if macro-control policies were effective, a senior economic planner said Tuesday at the World Economic Forum’s annual Summer Davos meeting.

“China has paid high attention to managing inflation expectations by stepping up macro-controls this year,” said Zhang Xiaoqiang, deputy director of the National Development and Reform Commission.

“If managed well, the full-year target of consumer price index of around 3 percent is still attainable,” he said.

The CPI climbed to a 22-month-high of 3.5 percent in August because of rises in food and fuel prices and a low comparison base.

Food prices are likely to remain within reasonable range after macro-control and there is still room for industrial products to fall due to heated competition, Zhang said.

The chance is also small for import prices of commodities to experience a dramatic rise again in the rest of the year after earlier retreating, he said.

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A group of leading U.S. business organizations on Tuesday urged the exclusion of a bill to pressure China to revalue its currency.

“We strongly oppose legislation that would allow the use of either the antidumping or countervailing duty law to address currency concerns,” the group of top U.S. business agencies said in a joint letter.

The letter, signed by 36 business and farm groups, including the American Chamber of Commerce in China, the Business Roundtable, the National Foreign Trade Council and the Coalition of Service Industries, was addressed to the House of Representatives Ways and Means Committee Chairman Sander Levin, whose panel is to hold two days of hearings this week on the issue of Chinese currency, or yuan.

The proposed Currency Reform for Fair Trade Act would also appear to “violate the United States’ commitments under the World Trade Organization rules” governing the calculation of antidumping duties and the types of subsidies that are subject to countervailing duties, according to the letter.

These business groups emphasized the importance of a “healthy and sustainable trading relationship with China”, adding that ” this goal will not be achieved through a singular focus on currency or the type of damaging and unilateral legislation proposed.”

China announced on July 19, 2010 to proceed further with the reform of the yuan exchange rate regime to enhance its exchange rate flexibility.

“We should not undermine or violate the international rules that help our economy prosper” in an attempt to achieve those goals, said the letter.

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